A new report presents a picture of the carbon impact of the global biotechnology and pharmaceutical industry, giving an important assessment of the magnitude of the carbon impact, placing it in the context of other carbon intensive industries and identifying key hotspots and leverage points for the industry to transform to reduce impact in line with the Paris Climate Agreement target of limiting global temperature rise to 1.5°C.
The Carbon Impact of Biotech and Pharma: A Roadmap to 1.5°C, produced by My Green Lab, was launched at the COP26 WHO Health Pavilion on 5th November 2021. The study shows that of the world’s largest publicly-traded biotechnology and pharmaceutical companies, only 4% have climate commitments that align with the UN’s Intergovernmental Panel on Climate Change (IPCC) to limit warming to 1.5°C. More ambitious targets must be set, and the industry must take rapid and measurable actions to reduce their emissions.
“While some leading companies are making bold, ambitious commitments to zero carbon, the rest of the industry is lagging”, said James Connelly, the CEO of My Green Lab. “The next ten years, which is approximately the time it takes to bring a successful drug to the market, will be a critical period for biotech and pharma. By deploying the very culture that brings life-saving innovations to climate change, we believe science can and must lead the world in combating global climate change, starting with reducing their own footprint.”
The study finds that the global biotechnology and pharmaceutical industry has a carbon footprint larger than the semiconductor industry, the forestry and paper industry, and equal to nearly half the annual emissions of the United Kingdom. This evaluation includes only publicly traded companies—the total emissions inclusive of all other contributors within the industry are certain to be much higher. Within the biotech and pharma carbon footprint, indirect emissions from the value chain (or ‘Scope 3’ emissions) are nearly five times larger in total than those directly controlled by a company. Therefore, a critical part of the solution will require companies to carefully quantify their emissions up and down their respective supply chains and leverage their purchasing power to motivate their suppliers and customers to reduce their own impacts.
Read the Report Here
My Green Lab